完善机制彻底打破基金公司"旱涝保收"格局

Group 1 - The core viewpoint of the articles is the need to reform the current management fee structure of fund companies to align their interests with those of investors, moving away from the "guaranteed income" model [1][2] - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development in public funds, which includes a floating management fee system linked to investment performance [1][2] - The new fee structure will apply to newly established actively managed equity funds, where management fees will vary based on performance relative to a benchmark [1][2] Group 2 - The current reform measures are seen as a preliminary attempt and do not fundamentally change the existing profit model of fund companies, as they can still collect management fees even in cases of poor performance, albeit at a lower rate [2] - To effectively break the "guaranteed income" model, it is suggested that the management fee differences based on performance should be widened, allowing higher fees for better-performing funds and stricter limits for underperforming ones [2][3] - The reform should not be limited to new funds but should also include all existing funds, ensuring that management fees are tied to investment returns across the board [3] Group 3 - A differentiated approach to reform is recommended, where new funds can have a more lenient fee structure to support their development, while mature funds should adopt stricter "performance-based" fee systems [3] - The ultimate goal of the management fee reform should be to implement a model where fees are only charged when the fund generates positive returns, thus protecting investors' interests effectively [3]